Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- Fortune Business Insights™ has published a research report titled "Synthetic Rubber Market Size, Share, Growth and Report Forecast 2023-2029", which reveals that the global synthetic rubber market was valued at USD 28.89 billion in 2021. The market is expected to grow at a CAGR of 4.9% from USD 29.86 billion in 2022 to USD 41.73 billion by 2029 during the forecast period.
The report highlights that the demand for synthetic rubber has increased due to its high tensile strength, recyclability, and resistance to abrasion and swelling. This has led to investments in research and development activities and increased demand from sectors such as construction, aerospace, and automotive. The industry players are optimistic about the future growth prospects of the market, as there is a rising demand for synthetic rubber from end-users.
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Report Coverage
The report provides an overview of the market dynamics, including drivers, restraints, and opportunities. It also provides Porter's Five Forces analysis, SWOT analysis, and PESTEL analysis for the market. Finally, the report includes a detailed analysis of the key trends and emerging technologies that will shape the future of the synthetic rubber Market.
The report also includes a competitive analysis of key players operating in the market, including their business strategies, product offerings, financials, and recent developments. The competitive landscape section of the report provides insights into mergers and acquisitions, partnerships, collaborations, and agreements among key players.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.9% |
| 2029 Value Projection | USD 41.73 Billion |
| Market Size in 2022 | USD 29.86 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 245 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Synthetic Rubber Market Growth Factors | Buoyant Demand from Automotive Sector to Bolster Industry Growth |
| Bullish Demand for Styrene-Butadiene Rubber to Augment the Market in Asia Pacific |
Segments
In terms of type, the market is segmented into nitrile rubber, styrene-butadiene rubber, butyl rubber, polybutadiene rubber, and others.
Based on application, the market is segregated into non-tire automotive, tire, footwear, industrial rubber goods, and others.
With respect to geography, the market is fragmented into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Major Players Profiled in the Synthetic Rubber Report:
- Indian Synthetic Rubber Private Limited (India)
- Apcotex Industries Limited (India)
- Reliance Industries Limited. (India)
- Trinseo (U.S.)
- LANXESS (Germany)
- Sinopec (China)
- Goodyear Tire and Rubber Company (U.S.)
- Kumho Petrochemical (South Korea)
- TSRC Corporation (Taiwan)
- Nizhnekamskneftekhim (Russia)
- JSR Corporation (Japan)
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Competitive Landscape:
Stakeholders Invest in Organic and Inorganic Strategies to Expand Footfall
To increase their market share, key stakeholders are adopting both organic and inorganic strategies. Major players are investing in mergers and acquisitions, technological advancements, product rollouts, and research and development activities. Additionally, they are focusing on innovations and expanding their product offerings to increase their global presence.
Drivers and Restraints:
The synthetic rubber Market is being driven by several factors, including the increasing demand from end-use industries such as automotive, construction, and aerospace. The need for synthetic rubber with high tensile strength, abrasion resistance, and recyclability is also contributing to the market growth. Advancements in technology and innovations in synthetic rubber production are further boosting the market. Additionally, rising investments in research and development activities by key players and favorable government regulations promoting the use of synthetic rubber are expected to drive the market growth.
However, the market also faces certain challenges, including the volatility in raw material prices, which can impact the profit margins of manufacturers. Fluctuations in the global economy can also affect the demand for synthetic rubber. Concerns about the environmental impact of synthetic rubber production and disposal are also hindering the market growth. The availability of substitutes such as natural rubber and other synthetic materials is another factor that could restrain market growth.
Regional Insights:
Bullish Demand for Styrene-Butadiene Rubber to Augment the Market in Asia Pacific
The Synthetic Rubber Market has been analyzed across several regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Asia Pacific is expected to dominate the market during the forecast period due to the increasing demand from end-use industries, rising population, and rapid urbanization. China, Japan, and India are the major contributors to the market growth in this region. The Asia Pacific synthetic rubber market growth will be pronounced due to higher production of various grades of non-automotive products and tires.
Europe is expected to experience strong growth, driven by the increasing demand for nitrile rubber in industrial applications. The market will also be positively impacted by the high demand for hoses, belts, and tires in countries such as Germany, the U.K., France, and Italy. Furthermore, synthetic rubber has gained significant popularity in non-tire automotive applications as well as in the footwear industry, which will further contribute to the growth of the regional market.
Latin America and the Middle East and Africa are expected to experience steady growth during the forecast period due to the increasing industrialization and favorable government initiatives promoting the use of synthetic rubber.
Overall, the global Synthetic Rubber Market is expected to witness significant growth during the forecast period, with Asia Pacific leading the market due to its large population and rapidly growing industrialization.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Synthetic Rubber Industry
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Synthetic Rubber Industry Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Type (Value and Volume)
- Styrene Butadiene Rubber
- Nitrile Rubber
- Butadiene Rubber
- Butyl Rubber
- Others
- By Application (Value and Volume)
- Tire
- Non-tire Automotive
- Industrial Rubber Goods
- Footwear
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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